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I had a client lose the whole property to a fire. The insurer payout was assessable as rebuild would have triggered a rollover but they didn't opt to rebuild within the time limit So assessable proceeds of the payout less the WDV of depreciable and CA items was a rather large assessable sum...

The original carpet on a depn schedule only can be written off. ie the one being replaced the first time around. Thereafter the replacement paid by the insurer cant be written off unless you also show a assessable receipt. A zero sum game then since within the same year one may equal the other...